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Daily Business News Brief | Thursday, July 7th, 2022


At 9.98% Decline, Insurance Leads Banking Index as Worst Performing Sectors on NGX – Thisday

Despite the 21.31 per cent gain recorded by the Nigerian equities market in first half year (H1) 2022, the Nigerian Exchange Limited (NGX) Insurance Index depreciated by 9.98 per cent to emerge as the worst performing indices on the bourse. THISDAY analysis of trading activity for H1 2022 showed that the NGX Banking Index with 2.04 per cent decline emerged as the second worst performing sector on the NGX trading floor……………..read more

Fuel sells N175/litre, marketers plan strike, queues worsen – Thisday

Some filling stations on Wednesday dispensed Premium Motor Spirit, popularly called petrol, at over N175/litre, higher than the government-approved N165/litre price, as oil marketers insisted to embark on strike from next week if the government fails to pay them (marketers).  It was gathered that some outlets in Lagos that sold the commodity at N169/litre last week had to adjust their pumps on Wednesday, as they dispensed PMS to motorists at N175/litre…………….read more

Debt, inflation, forex killing economy, LCCI warns FG – Daily Independent

The Lagos Chamber of Commerce and Industry has warned the Federal Government to find urgent solutions to the issues of Nigeria’s growing debt burden, inflationary pressure as well as the worsening foreign exchange crisis in order to save the ailing economy.

The President of the Chamber, Asiwaju Michael Olawale-Cole, stated this in his address during the chamber’s quarterly economic outlook press conference held in Lagos on Tuesday…………….read more

Oil firms not drilling except NNPC, says Kyari – Punch

The Group Managing Director, Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday announced that the decline in the funding of oil investments had virtually led to a halt in the drilling of crude oil by operators in the sector except for the NNPC.  Kyari, who disclosed this while speaking at the ongoing 2022 Nigeria Oil and Gas conference with the theme, “Funding the Nigerian Energy Mix for Sustainable Economic Growth,” also announced that the President, Major General Muhammadu Buhari (retd.), would unveil the largest capitalised firm in Africa, NNPC Limited, on July 19, 2022…………read more

Neimeth Holds Board Meeting on N3.67bn Rights Issue – Punch

Neimeth International Pharmaceuticals Plc yesterday in Lagos held a completion board meeting to float a Rights Issue of N3.67 billion through the Nigerian capital market.  The Rights Issue which will commence August 3, 2022 will be used to raise the sum of N3,679,618,625 at the cost of N1.55k per  50 Kobo share……………read more

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